{"id":8244,"date":"2025-08-31T00:03:46","date_gmt":"2025-08-30T23:03:46","guid":{"rendered":"https:\/\/kriptodnevnik.com\/?p=8244"},"modified":"2025-08-31T00:03:46","modified_gmt":"2025-08-30T23:03:46","slug":"etf-ovi-na-raskrizju-inovacija-pod-pritiskom-inflacije","status":"publish","type":"post","link":"https:\/\/sputnet.com.ng\/dnevnik\/2025\/08\/31\/etf-ovi-na-raskrizju-inovacija-pod-pritiskom-inflacije\/","title":{"rendered":"ETF-ovi na raskri\u017eju: inovacija pod pritiskom inflacije"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Spot ETF-ovi na Bitcoin i Ether posljednjih su mjeseci predstavljani kao prekretnica u razvoju kriptotr\u017ei\u0161ta i most izme\u0111u tradicionalnih financija i digitalne imovine. No, njihova ranjivost na makroekonomske trendove pokazuje da ni ovaj revolucionarni alat nije imun na promjene u monetarnoj politici i globalnoj trgovini.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Nedavni odljevi kapitala<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Pro\u0161log petka investitori su povukli 164,64 milijuna dolara iz Ether ETF-ova, prekidaju\u0107i petodnevni niz od vi\u0161e od 1,5 milijardi dolara priljeva. <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">ETF FLOWS: On August 29.<a href=\"https:\/\/x.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> ETFs saw $120,6M in net outflow.<a href=\"https:\/\/x.com\/hashtag\/ETH?src=hash&amp;ref_src=twsrc%5Etfw\">#ETH<\/a> ETFs saw $164,6M in net outflow. <a href=\"https:\/\/t.co\/tmm2fQghqg\">pic.twitter.com\/tmm2fQghqg<\/a><\/p>&mdash; mracrypto (@MRACRYPTO_) <a href=\"https:\/\/x.com\/MRACRYPTO_\/status\/1961677794422775884?ref_src=twsrc%5Etfw\">August 30, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Bitcoin ETF-ovi zabilje\u017eili su odljev od 126,64 milijuna, prvi od kraja kolovoza. Najvi\u0161e je pogo\u0111en Fidelityjev FBTC s 66,2 milijuna, dok su ARK Invest i 21Shares izgubili vi\u0161e od 72 milijuna. Manji priljevi u fondove BlackRocka i WisdomTreea nisu uspjeli promijeniti negativan trend. Za tr\u017ei\u0161te je to bio nagli preokret, gotovo poput vala koji se u trenu povukao i ostavio izlo\u017eenu obalu investitorskog povjerenja.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Makroekonomski faktori i inflacija<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Odljevi su se poklopili s objavom podatka o rastu osnovnog indeksa osobne potro\u0161nje (core PCE) od <a href=\"https:\/\/www.cnbc.com\/2025\/08\/29\/pce-inflation-report-july-2025.html\">2,9%<\/a> na godi\u0161njoj razini, najvi\u0161e od velja\u010de. <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Core PCE results &#8211; August 29th<br><br>Forecast: 2.9%<br>Actual: 2.9%<br><br>What\u2019s your thesis on how this result might affect monetary policy in the coming months? <a href=\"https:\/\/t.co\/B7opgutIqU\">pic.twitter.com\/B7opgutIqU<\/a><\/p>&mdash; Drake (mainnet arc) (@DrakeExchange) <a href=\"https:\/\/x.com\/DrakeExchange\/status\/1961429794270408761?ref_src=twsrc%5Etfw\">August 29, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Glavni faktor su Trumpove tarife koje pove\u0107avaju tro\u0161kove uvoza i stvaraju pritisak na cijene usluga. Iako energetski sektor ubla\u017eava ukupnu inflaciju, rast u uslugama od 3,6% pokazuje koliko su cjenovni pritisci postojani.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Rizici za investitore i tr\u017ei\u0161te<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">ETF-ovi su osmi\u0161ljeni kao stabilan kanal za ulazak institucionalnog kapitala u kriptotr\u017ei\u0161ta, ali su istodobno osjetljivi na makroekonomske \u0161okove. Trumpove tarife otkrivaju jednu od sistemskih slabosti suvremenih financijskih tokova. Ako inflacija nastavi rasti, a Fed krene u smjeru smanjenja kamata, stvara se opasna napetost i mogu\u0107i rizici za oba tr\u017ei\u0161ta. Takva situacija podsje\u0107a koliko je ravnote\u017ea izme\u0111u monetarne politike i inovacije delikatna te koliko lako mo\u017ee skliznuti u destabilizaciju.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Zaklju\u010dak<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">ETF-ovi na Bitcoin i Ether ostaju va\u017ena inovacija koja mijenja na\u010din na koji kapital ulazi u digitalnu imovinu. Me\u0111utim, slu\u010daj naglih odljeva jasno pokazuje da se radi o prostoru gdje je granica izme\u0111u rasta i nove krize poput hodanja po tankom ledu. Dugoro\u010dna odr\u017eivost ovisit \u0107e o odgovornom uskla\u0111ivanju inovacija s globalnim ekonomskim politikama.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Spot ETF-ovi na Bitcoin i Ether posljednjih su mjeseci predstavljani kao prekretnica u razvoju kriptotr\u017ei\u0161ta i most izme\u0111u tradicionalnih financija [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8247,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[18],"tags":[36,559,70],"class_list":["post-8244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-btc","tag-etfs","tag-eth"],"_links":{"self":[{"href":"https:\/\/sputnet.com.ng\/dnevnik\/wp-json\/wp\/v2\/posts\/8244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sputnet.com.ng\/dnevnik\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sputnet.com.ng\/dnevnik\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sputnet.com.ng\/dnevnik\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sputnet.com.ng\/dnevnik\/wp-json\/wp\/v2\/comments?post=8244"}],"version-history":[{"count":0,"href":"https:\/\/sputnet.com.ng\/dnevnik\/wp-json\/wp\/v2\/posts\/8244\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sputnet.com.ng\/dnevnik\/wp-json\/wp\/v2\/media\/8247"}],"wp:attachment":[{"href":"https:\/\/sputnet.com.ng\/dnevnik\/wp-json\/wp\/v2\/media?parent=8244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sputnet.com.ng\/dnevnik\/wp-json\/wp\/v2\/categories?post=8244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sputnet.com.ng\/dnevnik\/wp-json\/wp\/v2\/tags?post=8244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}